January 22, 2016 by Paul McKeever · Comments Off on Thought of the Day: Technology and the Death of Banks
This is more a note to myself for future consideration, but I share it with you now in case you want to ponder it, my dear readers.
Consider: Technology eliminates middle-men. Banking is the epitome of middle-manning. Banking arguably is a do-do bird service in an age when lenders and borrowers could use software and data sharing to assess credit-worthiness, to find the lowest interest rates and best terms, and to create records of who owes what to whom. This will all become apparent when the banks are finished laying-off all of their employees and we realize that we’ve all been paying a corporation for the use of their computer.